Business Ready Community Grant and Loan Program

Eligible Grant and Loan ActivitiesInfrastructure such as water, sewer, streets, telecommunications, airports, rights of way, land, spec buildings, or amenities within a business park, industrial park, industrial site or business district or other appropriate physical projects in support of primary economic development. Educational development infrastructure such as workforce training facilities are eligible. Recreational facilities, landscaping and convention centers are also eligible. Managed data center utility costs.

Eligible ApplicantsCities, towns, counties and joint powers boards are the primary applicants for this program. State and local community development organizations can assist and provide project management development under contract to the primary applicant. The Council may enter into contracts/cooperative agreements with the Eastern Shoshone Tribe and the Northern Arapaho Tribe in order to promote the purpose of the program and fund infrastructure projects.

This program provides financing for publicly owned infrastructure that serves the needs of businesses and promotes economic development within Wyoming communities.

Cities, towns, counties, joint powers boards and the Northern Arapaho and Eastern Shoshone tribes are eligible to apply for funding.

Public infrastructure eligible for funding includes water; sewer; roads; airports; rights of way; telecommunications; land; spec buildings; amenities within a business park, industrial park, industrial site or business district; landscaping, recreation and educational facilities; and other physical projects in support of primary economic and educational development.

The Wyoming Business Council (WBC) Board of Directors is currently operating under an adopted allocation plan to guide disbursement of funds from the Business Ready Community (BRC) program. The WBC Board believes this is a prudent way to address projects and program priorities while retaining funding for future opportunities. The WBC Board will adjust the budget quarterly based on de-obligations, principal and interest payments from loans and revenue recapture returned to the BRC fund. This plan will:

• Ensure funds are available throughout the biennium (July 1, 2018 through June 30, 2020) for opportunities as they arise.

• Prioritize job creating projects but allows for diverse projects.

• Provide flexibility for opportunities that arise.

• Allow the WBC Board to pull money from lower priority allocations, but not the other way around.

Non-recourse loan is secured is secured by a pledge of collateral, typically real property. If borrower defaults, the Business Council can seize collateral, but will not seek any further compensation from the borrower.

Interest Rate and Term.A Business Ready Community Loan shall be made at the following interest rates as recommended by the Council and established by the Board and reflective of market rates.

(a) A floor of zero percent (0%) for non-revenue generating projects.

(b) A floor of one percent (1%) for revenue generating projects.

(c) Loans have an annual servicing fee of $125 for the life of the loan.

(d) Fees such as origination, documentation, filing appraisal and any additional fees will be paid by the applicant.

(e) The term of the loan will be based upon the useful life of the asset not to exceed 30 years.

Managed Data Center means a center whose primary purpose is the centralized repository for storage, management and dissemination of data and information for multiple businesses. This definition does not include spaces primarily for housing office computers, including individual work stations, servers associated with workstations or small server rooms. For the purposes of these rules, the Council has adopted the Uptime Institute, Inc.’s four tiered classification approach to site power infrastructure. Projects must be similar and align with the characteristics of the tier classifications or another widely accepted metric for evaluating data centers.

Tier IV data centers support companies with an international market presence delivering around the clock, year round services in a highly competitive market. Tier IV businesses are based on E-commerce, market transactions or financial settlement processes. The businesses tend to be large, global companies spanning multiple time zones.

Tier III data centers support internal and external clients around the clock, year round such as service centers and help desks, but can schedule short periods when limited service is acceptable.

Tier II data centers are typically internet-based companies without serious financial penalties for quality of service commitments and small businesses whose information technology requirements are mostly limited to traditional normal business hours, allowing system shutdown during “off-hours”.

Tier I data centers are small businesses where information technology primarily enhances internal business process and whose web-presence is as a passive marketing tool. For example, internet based startup companies without quality of service commitments.

Assists communities that want to improve the aesthetic character or quality of life. Activities as landscaping, recreational or convention facilities and infrastructure to facilitate the start-up or expansion of a child care or senior care facility. These efforts must be documented through appropriate planning and show how the effort will make the community more attractive for business development.

Economic Development Plans. Maximum award of $50,000 with a 25% cash match of the total project costs. These are plans that address the community as a whole and identify potential future economic development opportunities and further develop a community's economic development strategy.

Feasibility Studies. Maximum award of $25,000 with a 25% cash match of the total project costs. These site-specific or industry-specific plans must determine the feasibility of a project or plan for a project that addresses an economic development objective.

Promotional Plans. Maximum award of $25,000 with a 25% cash match of the total project costs. These plans specifically address the promotion of a community's economic development asset(s). Examples would be branding or downtown development.

Tourism Plans. Maximum award of $25,000 with a 25% cash match of the total project costs. These plans address economic development opportunities for a defined region or community that specifically focuses on the tourism and hospitality industry.

Regional Targeted Industry Plans. Maximum award of $50,000 with a 25% cash match of the total project costs. These plans encompass a defined region and potential targeted industries for economic development growth.

Category One applicants are those municipalities with a population greater than 1,300 or are located in a county where the three-year average of the local government share of state sales and use tax per capita is more than 70% of the statewide average.

Category Two applicants are those municipalities with a population under 1,300 or are located in a county where the three-year average of the local government share of state sales and use tax per capita is less than 70% of the statewide average

Department of Revenue

Revenue generated by the applicant must be recaptured at a negotiated rate commensurate with the public investment. A minimum of twenty-five percent (25%) of net revenue generated must be reimbursed to the BRC fund up to the original grant amount of the project. Revenue recapture requirements may be satisfied by repayment of a BRC loan or via revenue recapture payments unless otherwise prohibited by governmental rules or regulations.

• All funds recaptured at the local level shall be placed in segregated economic development account.

• No more than fifty percent (50%) of local recapture may be used for operational expenses if matched dollar-for-dollar by local funds.

• Revenue recapture must be repaid to the BRC fund annually or according to a schedule agreeable to Business Council staff.